Bought with Wen K Dong • KW Vermont
$2,700,000
$3,295,000
18.1%For more information regarding the value of a property, please contact us for a free consultation.
10,852 SqFt
SOLD DATE : 03/15/2024
Key Details
Sold Price $2,700,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 10,852 sqft
Price per Sqft $248
MLS Listing ID 4976648
Sold Date 03/15/24
Construction Status Existing
Year Built 1985
Annual Tax Amount $42,575
Tax Year 2023
Lot Size 0.500 Acres
Acres 0.5
Property Description
An Exceptional Investment Opportunity! This property consists of ten total units, eight 3-bedroom, 1.5-bath condos built in 1985 and a two-story attached duplex constructed in 1930, all within the Opportunity Zone. The interiors of all units have recently received fresh paint, and many boast upgraded flooring. Exterior enhancements include compliance with zoning regulations, such as new sidewalks and curbing, illuminated by energy-efficient LED lighting. The driveway has been leveled for added convenience, and a protective fence now shields the previous surface while enhancing curb appeal. This investment is already above a 7% cap rate, with substantial net operating income (NOI) and 100% occupancy over many years. With minimal investment and strategic rental turnover, there's significant potential to increase the NOI. This can substantially elevate the property's overall valuation. Moreover, an exceptional management company is in place to expertly navigate the property's operations, drive revenue, and ensure a hassle-free investment experience. Take advantage of this outstanding opportunity for a high-yield, value-increasing investment.
Location
State VT
County Vt-chittenden
Area Vt-Chittenden
Zoning Res- Med Den
Rooms
Basement Entrance Interior
Basement Dirt Floor, Partial, Slab, Unfinished
Interior
Heating Electric, Gas - Natural
Cooling None
Exterior
Garage Description Parking Spaces 1 - 10
Utilities Available Cable - Available, Gas - On-Site
Roof Type Shingle,Slate
Building
Story 2
Foundation Concrete, Slab - Concrete
Sewer Public
Architectural Style Townhouse
Construction Status Existing
Schools
School District Burlington School District
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